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United Insurance Holdings Corp. Reports Financial Results for Its Third Quarter Ended September 30, 2017

Company Release - 11/6/2017 4:03 PM ET

Company to Host Quarterly Conference Call at 9:00 A.M. on November 7, 2017

ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- United Insurance Holdings Corp. (NASDAQ: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today reported its financial results for the third quarter ended September 30, 2017.

($ in thousands, except per share)   Three Months Ended   Nine Months Ended
September 30, September 30,
2017   2016   Change 2017   2016   Change
Gross premiums written $ 267,219 $ 194,341 37.5 % $ 788,408 $ 541,053 45.7 %
Gross premiums earned $ 268,001 $ 173,520 54.4 % $ 711,650 $ 484,607 46.9 %
Net premiums earned $ 152,494 $ 120,221 26.8 % $ 419,295 $ 335,770 24.9 %
Total revenues $ 171,128 $ 127,202 34.5 % $ 471,834 $ 355,684 32.7 %
Earnings before income tax $ (45,487 ) $ 5,041 (1,002.3 )% $ (26,899 ) $ 24,581 (209.4 )%
Net income (loss) $ (28,012 ) $ 3,423 (918.3 )% $ (16,856 ) $ 16,215 (204.0 )%
Net income (loss) per diluted share $ (0.66 ) $ 0.16 (512.5 )% $ (0.47 ) $ 0.75 (162.7 )%
 
Reconciliation of net income (loss) to operating income (loss):
Plus: Merger expenses, net of tax $ 8 $ 300 (97.3 )% $ 4,489 $ 747 500.9 %
Plus: Non-cash amortization of intangible assets, net of tax $ 6,736 $ 2,510 168.4 % $ 15,309 $ 5,220 193.3 %
Less: Realized gains (losses), net of tax $ (46 ) $ 69 (166.7 )% $ (360 ) $ 311 (215.8 )%
Operating income (loss) $ (21,222 ) $ 6,164 (444.3 )% $ 3,302 $ 21,871 (84.9 )%
Operating income (loss) per diluted share $ (0.50 ) $ 0.28 (278.6 )% $ 0.09 $ 1.01 (91.1 )%
 
Book value per share $ 11.73 $ 11.99 (2.2 )%
 

"I'm proud of the way our company performed during the quarter," said John Forney, President and CEO of UPC Insurance. "We weathered a historic level of hurricane activity with minimal financial impact, while continuing to grow both our personal and commercial lines books and improving underlying underwriting performance across the board. The preparation and hard work of the UPC team has left us poised to seize the opportunities that lie ahead."

Return on Equity and Operating Return on Equity

Return on Equity is a ratio the Company calculates by dividing the net income for the most recent twelve months by the average shareholder's equity for the most recent twelve months. Operating Return on Equity (see calculation below) is a ratio calculated using non-GAAP measures. It is calculated by dividing the operating income for the most recent twelve months by the average shareholders’ equity for the most recent twelve months. Operating income is an after-tax non-GAAP measure that is calculated by excluding from net income the effect of non-cash amortization of intangible assets, non-recurring expenses such as merger-related professional fees, and realized gains or losses on the Company's investment portfolio. In the opinion of the Company’s management, operating income, operating income per share and operating return on equity are meaningful indicators to investors of the Company's underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses operating income, operating income per share and operating return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The following table reconciles operating return on equity to return on equity, the most directly comparable GAAP measure.

($ in thousands)   Three Months Ended   Nine Months Ended
September 30, September 30,
2017   2016 2017   2016
Net income (loss) $ (28,012 ) $ 3,423 $ (16,856 ) $ 16,215
Return on equity based on GAAP net income (loss) (1) (29.3 )% 5.5 % (5.9 )% 8.7 %
 
Operating income (loss) $ (21,222 ) $ 6,164 $ 3,302 $ 21,871
Operating return on equity (1) (22.2 )% 9.9 % 1.2 % 11.7 %

(1) Return on equity is calculated on an annualized basis.

 

The calculations of the Company's combined ratio and underlying combined ratio are shown below.

($ in thousands, except per share)   Three Months Ended   Nine Months Ended
September 30, September 30,
2017   2016   Change 2017   2016   Change
Loss ratio, net(1) 93.9 % 60.5 % 33.4 pts 70.0 % 59.4 % 10.6 pts
Expense ratio, net(2) 47.7 % 40.9 % 6.8 pts 48.4 % 39.1 % 9.3 pts
Combined ratio (CR)(3) 141.6 % 101.4 % 40.2 pts 118.4 % 98.5 % 19.9 pts
Effect of current year catastrophe losses on CR 54.2 % 4.2 % 50.0 pts 27.4 % 7.1 % 20.3 pts
Effect of prior year (favorable) development on CR (0.7 )% 4.9 % (5.6 ) pts (0.7 )% 2.9 % (3.6 ) pts
Effect of ceding commission income on CR 6.6 % 0.9 % 5.7 pts 7.2 % 0.8 % 6.4 pts
Underlying combined ratio(4)(5) 81.5 % 91.4 % (9.9 ) pts 84.5 % 87.7 % (3.2 ) pts
(1)   Loss ratio, net is calculated as losses and loss adjustment expenses (LAE) relative to net premiums earned.
(2) Expense ratio, net is calculated as the sum of all operating expenses less interest expense relative to net premiums earned.
(3) Combined ratio is the sum of the loss ratio, net and expense ratio, net.
(4)

Underlying combined ratio, a measure that is not based on U.S. GAAP, is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in "Definitions of Non-GAAP Measures", below.

(5) Included in both the expense ratio and the combined ratio are $10.4 million and $30.5 million for the three and nine months ended September 30, 2017, respectively, and $4.3 million and $9.2 million for the three and nine months ended September 30, 2016, respectively, of merger professional fees and amortization expense predominately associated with the AmCo and Interboro Insurance Company mergers. Excluding these additional expenses, the Company would have reported underlying combined ratios of 74.7% and 77.2% for the three and nine months ended September 30, 2017, respectively, and 87.8% and 85.0% for the three and nine months ended September 30, 2016, respectively.

Quarterly Financial Results

Net loss for the third quarter of 2017 was $28.0 million, or $(0.66) per diluted share, compared to net income of $3.4 million, or $0.16 per diluted share for the third quarter of 2016. The decrease in net earnings was primarily due to the increase in catastrophe losses for the third quarter of 2017 compared to the third quarter of 2016.

The Company's total gross written premium increased by $72.9 million, or 37.5%, to $267.2 million for the third quarter of 2017 from $194.3 million for the third quarter of 2016, primarily reflecting the Company's merger with AmCo Holdings Company (AmCo) on April 3, 2017, as well as organic growth in new and renewal business generated in the Company's Gulf and Northeast regions. The breakdown of the quarter-over-quarter changes in both direct and assumed written premiums by region and gross written premium by line of business are shown in the table below.

($ in thousands)   Three Months Ended September 30,    
2017   2016 Change Growth %
Direct Written and Assumed Premium by Region (1)
Florida $ 130,309 $ 83,816 $ 46,493 55.5 %
Gulf 58,240 47,279 10,961 23.2
Northeast 43,652 39,265 4,387 11.2
Southeast 25,431   24,070   1,361   5.7  
Total direct written premium by region 257,632 194,430 63,202 32.5 %
Assumed premium (2) 9,587   (89 ) 9,676   (10,871.9 )
Total gross written premium by region $ 267,219   $ 194,341   $ 72,878   37.5 %
 
Gross Written Premium by Line of Business
Personal property $ 217,970 $ 189,278 $ 28,692 15.2 %
Commercial property 49,249   5,063   44,186   872.7  
Total gross written premium by line of business $ 267,219   $ 194,341   $ 72,878   37.5 %
(1)   Each region is comprised of the following states: Gulf includes Hawaii, Louisiana and Texas, Northeast includes Connecticut, Massachusetts, New Jersey, New York and Rhode Island, and Southeast includes Georgia, North Carolina and South Carolina.
(2) Assumed premium written for 2017 includes commercial property business assumed from an unaffiliated insurer and 2016 premium assumed includes homeowners business from Citizens Property Insurance Corporation and the Texas Windstorm Insurance Association .

Loss and LAE increased by $70.4 million, or 96.7%, to $143.1 million for the third quarter of 2017 from $72.7 million for the third quarter of 2016. Loss and LAE expense as a percentage of net earned premiums increased 33.4 points to 93.9% for the quarter, compared to 60.5% for the same period last year. Excluding catastrophe losses and reserve development, the Company's gross underlying loss and LAE ratio for the quarter would have been 23.0%, a decrease of 12.6 points from 35.6% during the third quarter of 2016.

During the third quarter of 2017, the Company's catastrophe losses included claims from Hurricane Harvey, which made landfall as a category 4 storm in Texas, and Hurricane Irma, which was also a category 4 storm making landfall in Florida. The Company's catastrophe excess of loss reinsurance limits retained losses to $91.0 million in total for these two events, which was further reduced to $83.0 million by its quota share reinsurance.

Policy acquisition costs increased by $15.2 million, or 48.6%, to $46.5 million for the third quarter of 2017 from $31.3 million for the third quarter of 2016. The primary driver of the increase in costs was the result of the managing general agent fees paid to AmRisc in relation to AmCo commercial premium. The remaining change was the result of policy acquisition costs varying directly with changes in gross premiums earned and were generally consistent with the Company's growth in premium production and higher average market commission rates outside of Florida.

Operating expenses increased by $1.3 million, or 24.0%, to $6.9 million for the third quarter of 2017 from $5.6 million for the third quarter of 2016, primarily due to increased costs related to the Company's ongoing growth, incurred expenses related to software and costs related to the increase in underwriting reports.

General and administrative expenses increased by $7.0 million, or 56.7%, to $19.3 million for the third quarter of 2017 from $12.3 million for the third quarter of 2016, primarily due to amortization costs related to the merger with AmCo.

Combined Ratio Analysis

The calculations of the Company's loss ratios and underlying loss ratios are shown below.

($ in thousands)   Three Months Ended   Nine Months Ended
September 30, September 30,
2017   2016   Change 2017   2016   Change
Loss and LAE $ 143,127 $ 72,746 $ 70,381 $ 293,398 $ 199,615 $ 93,783
% of Gross earned premiums 53.4 % 41.9 % 11.5 pts 41.2 % 41.2 % pts
% of Net earned premiums 93.9 % 60.5 % 33.4 pts 70.0 % 59.4 % 10.6 pts
Less:
Current year catastrophe losses $ 82,615 $ 5,109 $ 77,506 $ 115,025 $ 23,885 $ 91,140
Prior year reserve (favorable) development (1,029 ) 5,909   (6,938 ) (2,819 ) 9,585   (12,404 )
Underlying Loss and LAE (1) $ 61,541 $ 61,728 $ (187 ) $ 181,192 $ 166,145 $ 15,047
% of Gross earned premiums 23.0 % 35.6 % (12.6 ) pts 25.5 % 34.3 % (8.8 ) pts
% of Net earned premiums 40.4 % 51.4 % (11.0 ) pts 43.2 % 49.4 % (6.2 ) pts
(1)  

Underlying Loss and LAE is a non-GAAP financial measure and is reconciled above to Net Loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented can be found in this press release is in the "Definitions of Non-GAAP Measures" section, below.

 

The calculations of the Company's expense ratio and underlying expense ratios are shown below.

($ in thousands)   Three Months Ended   Nine Months Ended
September 30, September 30,
2017   2016   Change 2017   2016   Change
Policy acquisition costs $ 46,546 $ 31,333 $ 15,213 $ 125,302 $ 84,086 $ 41,216
Operating and underwriting 6,891 5,558 1,333 19,020 15,326 3,694
General and administrative 19,316   12,329   6,987   58,825   31,759   27,066  
Total Operating Expenses $ 72,753 $ 49,220 $ 23,533 $ 203,147 $ 131,171 $ 71,976
% of Gross earned premiums 27.1 % 28.4 % (1.3 ) pts 28.5 % 27.1 % 1.4 pts
% of Net earned premiums 47.7 % 40.9 % 6.8 pts 48.4 % 39.1 % 9.3 pts
Less:
Ceding commission income $ 10,091 $ 1,031 $ 9,060 $ 30,185 $ 2,796 $ 27,389
Merger expenses and amortization 10,374   4,324   6,050   30,457   9,181   21,276  
Underlying Expense (1) $ 52,288 $ 43,865 $ 8,423 $ 142,505 $ 119,194 $ 23,311
% of Gross earned premiums 19.5 % 25.3 % (5.8 ) pts 20.0 % 24.6 % (4.6 ) pts
% of Net earned premiums 34.3 % 36.5 % (2.2 ) pts 34.0 % 35.5 % (1.5 ) pts
(1)  

Underlying Expense is a non-GAAP financial measure and is reconciled above to total operating expenses, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

 

Reinsurance Costs as a % of Earned Premium

Excluding the Company's flood business, for which it cedes 100% of the risk of loss, reinsurance costs in the third quarter of 2017 were 41.3% of gross premiums earned compared to 27.8% of gross premiums earned for the third quarter of 2016. The increase in this ratio was driven entirely by the Company's quota share reinsurance program, which was in effect during the third quarter of 2017 but not during the third quarter of 2016. If not for the effects of the quota share, the Company's reinsurance costs as a percent of earned premium would have decreased by 1.1 points during the quarter.

Investment Portfolio Highlights

The Company's cash and investment holdings totaled $1.1 billion at September 30, 2017 compared to $679.3 million at December 31, 2016. UPC Insurance's cash and investment holdings consist of investments in U.S. Government and agency securities, corporate debt and 100% investment grade money market instruments. Fixed maturities represented approximately 91.1% of total investments at September 30, 2017 with a modified duration of 3.7 years compared to 93.5% at December 31, 2016 and a modified duration of 3.7 years.

Book Value Analysis

Book value per share increased 5.2% from $11.15 at December 31, 2016, to $11.73 at September 30, 2017, and underlying book value per share increased 4.0% from $11.11 at December 31, 2016 to $11.55 at September 30, 2017. An increase in the Company's retained earnings, along with an increase in paid in capital as a result of the AmCo merger, drove the increase in our book value per share and underlying book value per share. The increase in accumulated other comprehensive income, as shown in the table below, also impacted our underlying book value per share.

($ in thousands, except for per share data)   September 30,   December 31,
2017 2016
Book Value per Share
Numerator:
Common shareholders' equity $ 501,216   $ 241,327
Denominator:
Total Shares Outstanding 42,741,004   21,646,614
Book Value Per Common Share $ 11.73   $ 11.15
 
Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI)
Numerator:
Common shareholders' equity $ 501,216 $ 241,327
Accumulated other comprehensive income 7,678   822
Shareholders' Equity, excluding AOCI $ 493,538   $ 240,505
Denominator:
Total Shares Outstanding 42,741,004   21,646,614
Underlying Book Value Per Common Share(1) $ 11.55   $ 11.11
(1)  

Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

 

Definitions of Non-GAAP Measures

We believe that investors' understanding of UPC Insurance's performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

Combined ratio excluding the effects of current year catastrophe losses, prior year reserve development and ceding commission income earned (underlying combined ratio) is a non-GAAP ratio, which is computed by subtracting the effect of current year catastrophe losses, prior year development, and ceding commission income earned related to the Company's quota share reinsurance agreement from the combined ratio. The Company believes that this ratio is useful to investors and it is used by management to reveal the trends in the Company's business that may be obscured by current year catastrophe losses, losses from lines in run-off, prior year development, and ceding commission income earned. Current year catastrophe losses cause the Company's loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under the Company's quota share agreement. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most direct comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company's business.

Net Loss and LAE excluding the effects of current year catastrophe losses and reserve development (underlying Loss and LAE) is a non-GAAP measure which is computed by subtracting current year catastrophe losses and prior year reserve development from Loss and LAE. The Company uses underlying loss and LAE figures to analyze the Company's loss trends that may be impacted by current year catastrophe losses and prior year development on the Company's reserves. As discussed previously, these two items can have a significant impact on the Company's loss trend in a given period. The most direct comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net losses and LAE and does not reflect the overall profitability of the Company's business.

Operating Expense excluding the effects of ceding commission income earned, merger expenses, and amortization of intangible assets (underlying expense) is a non-GAAP measure which is computed by subtracting ceding income earned related to the Company's quota share reinsurance agreement, merger expenses and amortization from operating expenses. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under the Company's quota share reinsurance agreement. Merger expenses are directly related to past mergers and are not reflective of current period operating performance. Similarly, amortization expense is related to the amortization of intangible assets acquired through merger and therefore the expense does not arise through normal operations. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most direct comparable GAAP measure is the expense ratio. The underlying expense measure should not be considered a substitute for the expense ratio and does not reflect the overall profitability of the Company's business.

Net Income excluding the effects of merger expenses, non-cash amortization of intangible assets and realized gains (losses), net of tax (operating income) is a non-GAAP measure which is computed by adding merger expenses, net of tax, and amortization, net of tax, to net income and subtracting realized gains (losses) net of tax, from net income. Merger expenses are directly related to past mergers and are not reflective of current period operating performance. Similarly, amortization expense is related to the amortization of intangible assets acquired through merger and therefore the expense does not arise through normal operations. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most direct comparable GAAP measure is net income. The operating income measure should not be considered a substitute for net income and does not reflect the overall profitability of the Company's business.

Conference Call Details

 

Date and Time:

November 7, 2017 - 9:00 A.M. ET

 

Participant Dial-In:

(United States): 877-407-8829

(International): 201-493-6724
 

Webcast:

To listen to the live webcast, please go to www.upcinsurance.com (Investor Relations) and click on the conference call link, or go to: http://upcinsurance.equisolvewebcast.com/q3-2017

 

About UPC Insurance

Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services residential property and casualty insurance policies using a network of independent agents and a group of wholly owned insurance subsidiaries. The Company currently writes policies in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in Alabama, Delaware, Maryland, Mississippi, New Hampshire, and Virginia. UPC Insurance also has a commercial residential product in Florida. The Company’s commercial presence was further expanded by the merger with Florida’s largest commercial property writer, American Coastal Insurance Company. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims. UPC Insurance is committed to financial stability and solvency.

Forward-Looking Statements

Statements in this press release, the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” or “continue” or the negative variations thereof or comparable terminology are intended to identify forward-looking statements. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement.

Consolidated Statements of Comprehensive Income

In thousands, except share and per share amounts

   
Three Months Ended Nine Months Ended
September 30, September 30,
2017   2016 2017   2016
REVENUE:
Gross premiums written $ 267,219 $ 194,341 $ 788,408 $ 541,053
Decrease (increase) in gross unearned premiums 782   (20,821 ) (76,758 ) (56,446 )
Gross premiums earned 268,001 173,520 711,650 484,607
Ceded premiums earned (115,507 ) (53,299 ) (292,355 ) (148,837 )
Net premiums earned 152,494 120,221 419,295 335,770
Investment income 4,901 2,663 12,489 7,786
Net realized gains (losses) (71 ) 106 (554 ) 478
Other revenue 13,804   4,212   40,604   11,650  
Total revenues $ 171,128 $ 127,202 $ 471,834 $ 355,684
EXPENSES:
Losses and loss adjustment expenses 143,127 72,746 293,398 199,615
Policy acquisition costs 46,546 31,333 125,302 84,086
Operating expenses 6,891 5,558 19,020 15,326
General and administrative expenses 19,316 12,329 58,825 31,759
Interest expense 771   206   2,282   397  
Total expenses 216,651 122,172 498,827 331,183
Income (loss) before other income (45,523 ) 5,030 (26,993 ) 24,501
Other income 36   11   94   80  
Income (loss) before income taxes (45,487 ) 5,041 (26,899 ) 24,581
Provision (benefit) for income taxes (17,475 ) 1,618   (10,043 ) 8,366  
Net income (loss) $ (28,012 ) $ 3,423   $ (16,856 ) $ 16,215  
OTHER COMPREHENSIVE INCOME:
Change in net unrealized gains (losses) on investments 2,672 (3,495 ) 10,509 10,305
Reclassification adjustment for net realized investment losses (gains) 71 (106 ) 554 (478 )
Income tax expense (benefit) related to items of other comprehensive income (1,050 ) 1,298   (4,207 ) (3,776 )
Total comprehensive income (loss) $ (26,319 ) $ 1,120   $ (10,000 ) $ 22,266  
 
Weighted average shares outstanding
Basic 42,524,400   21,448,892   35,341,994   21,406,599  
Diluted 42,741,004   21,643,401   35,563,032   21,604,135  
 
Earnings per share
Basic $ (0.66 ) $ 0.16   $ (0.48 ) $ 0.76  
Diluted $ (0.66 ) $ 0.16   $ (0.47 ) $ 0.75  
 
Dividends declared per share $ 0.06   $ 0.06   $ 0.18   $ 0.17  
 

Consolidated Balance Sheets

In thousands, except share amounts

   
September 30, 2017 December 31, 2016
ASSETS
Investments available for sale, at fair value:
Fixed maturities $ 718,785 $ 494,516
Equity securities 61,639 28,398
Other investments 8,157   5,733  
Total investments $ 788,581   $ 528,647  
Cash and cash equivalents 280,268 150,688
Accrued investment income 5,229 3,735
Property and equipment, net 19,344 17,860
Premiums receivable, net 70,019 38,883
Reinsurance recoverable on paid and unpaid losses 489,348 24,028
Prepaid reinsurance premiums 285,121 132,564
Goodwill 59,679 14,254
Deferred policy acquisition costs 101,314 65,473
Intangible assets 55,109 12,371
Other assets 29,210   11,183  
Total Assets $ 2,183,222   $ 999,686  
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses $ 682,161 $ 140,855
Unearned premiums 577,805 372,223
Reinsurance payable 241,768 99,891
Other liabilities 127,153 91,215
Notes payable 53,119   54,175  
Total Liabilities $ 1,682,006   $ 758,359  
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
Common stock, $0.0001 par value; 50,000,000 shares authorized; 42,953,087 and 21,858,697 issued; 42,741,004 and 21,646,614 outstanding, respectively 4 2
Additional paid-in capital 375,666 99,353
Treasury shares, at cost; 212,083 shares (431 ) (431 )
Accumulated other comprehensive income 7,678 822
Retained earnings 118,299   141,581  
Total Stockholders' Equity $ 501,216   $ 241,327  
Total Liabilities and Stockholders' Equity $ 2,183,222   $ 999,686  

United Insurance Holdings Corp.
Jessica Strathman, 727-895-7737
SEC Reporting Manager
jstrathman@upcinsurance.com
or
INVESTOR RELATIONS:
The Equity Group
Adam Prior, 212-836-9606
Senior Vice-President
aprior@equityny.com

Source: United Insurance Holdings Corp.